Mobile applications have greatly simplified operations with currency and exchange instruments. As a result, the market has become more accessible for private investors – to start investing it is enough to have a smartphone at hand. And it’s all thanks to trading app development.
The usability and functionality of mobile applications often play an essential role when choosing a broker. So it is not surprising that investment companies and banks are constantly investing in stock trading app development – in mobile applications for investors. It is possible not only to open a brokerage account and make transactions but also to exchange currencies, respond to special offers, discounts, and promotions, to study and receive free advice from specialists.
- 1 What functionality is available to investors in the application?
- 2 What are the advantages of investment apps?
- 3 Determining which audience the product will be aimed at
- 4 Team: Decide who will create the trading app development
- 5 Working through all the security issues for the future of the app
- 6 That’s all. Now calculate the cost.
- 7 Monetization: Why we created this application
What functionality is available to investors in the application?
Unlike trading terminals, a mobile application provides a more straightforward interface, which is very important for people without any investment experience. Mobile applications cover primary user needs as they allow you to trade on the exchange, analyze portfolio returns and study the catalog of available investment instruments.
In addition to the basic functionality, mobile applications offer many additional services. These include:
- Q&A guide;
- Global investment news feed;
- Investment ideas and strategies;
Clients also get an opportunity to study personal selections of investment instruments.
What are the advantages of investment apps?
A key advantage of mobile applications is their customer focus. Trading app development entails the constant evolution of new services and optimization of current solutions, and trading application developers strive to simplify interaction with the product. This approach has provided the application market with many solutions that cover the basic needs of investors, while unique services that facilitate the experience of interaction with the broker come into play for the choice of customers.
As a result, mobile investment apps are great for newcomers.
Determining which audience the product will be aimed at
It is necessary to decide which niche the application will be developed. Of course, it is possible to start trading app development by creating a universal solution suitable for all types of investments. For example, if you have 1-1.5 million dollars, any professional company will make you into a product. The exact amount will be needed for active promotion. If the budget is slightly smaller, choosing a narrower niche is worth picking.
The basis for developing the trading app is working through its concept.
After the niche is defined and the target audience is roughly understood, it is necessary to develop a concept. It will allow you to “see” a product that does not yet exist and understand the result before trading app development is started. It is essential to assess the prospect to answer the question, “Is it worth investing in applications for investment accounting? In addition to the concept, you need to think about the framework, architecture, and functionality. For this step, you can follow these steps:
- Detailed definition of goals.
- Analysis of existing solutions.
- Create a user profile.
- Development of trading app in terms of functionality.
You will begin to turn your idea into a product by following these steps. First, visualization, a detailed plan, and functionality development give “body” to your thoughts.
Team: Decide who will create the trading app development
On average, 6-10 people work on trading app development: the project manager, UX/UI designer, art director, programmers, test engineer, and technical director.
The UX/UI designer and the art director work out the app’s logic and find the appropriate graphical solution. Then, these professionals help the customer create precisely the correct application.
The programmers, led by a technical director, bring the ideas to life. Finally, the application is tested and either sent to the customer or used by the company itself, depending on who needs it.
Working through all the security issues for the future of the app
Since the product interacts with users’ money, it is necessary to ensure maximum security. After all, you will have not only personal data at your disposal but also real funds and access to bank accounts. Such a stock investment app becomes potentially attractive to hackers.
It is necessary to implement the functions of two-factor authentication, fingerprint scanning, use encryption standards for financial records: security – maximum attention.
That’s all. Now calculate the cost.
First of all – the number of functions. The more complex and rich the application is, the more expensive it will be.
How is the development cost determined? Each specialist has a rate per hour of work. Choosing a personal team for each project is necessary, depending on the tasks. The number of developers is also determined, from analysts to the project manager and testers. It would help if you had a designer and a few programmers. Their number is determined by the complexity of the task and the selection of the technology stack.
Next, a work plan is created, which helps determine the approximate time of the project. For example, the development can take 2-3 months to develop a simple investment accounting application. Or it may take 6-10 months or more to complete a functional multidisciplinary product for investors.
The more features, the longer it takes to develop them. Accordingly, this affects the cost of the product. Then you can roughly calculate the cost of mobile app development. For example, a simple mobile app for investment with a basic set of functions will cost $10,000, and a more complex product will cost $30,000.
Monetization: Why we created this application
Create an application just for it to exist? It is not rational, and to be precise, it is stupid.
The primary purpose of creating an investment app is to monetize it. It is a revenue-generating tool, so you need to think ahead about how you will monetize your product. Typically, a hybrid monetization model includes several avenues at once. Among them:
- getting a percentage for conducting transactions;
- in-app advertising;
- personal consultations;
- investor asset management fees;
- premium subscription option with advanced features;
- compulsory subscription to work in the application;
- provision of additional services;
- providing educational courses;
- subscribing to a customized news selection to meet your client’s needs.
Monetization of the investment app must be clear to users. Your clients need to understand how the application works and what its creator earns and evaluate whether it is profitable to work with such a product. So you have to think it through even when analyzing the target audience.
Trading app development to account for investments is quite expensive. But a product, if adequately launched, quickly pays for itself and brings good profits. So assess the risks, whether it is profitable for you to invest in this direction – and make the final decision.